Finnish regulators tighten the screw on digital currency marketing


In the wake of the growing cryptocurrency hype, Finnish regulators have dropped a formal notice. On Wednesday, the Finnish Financial Supervisory Authority (FSA) said:

“Only registered virtual currency providers can market virtual currencies and related services in Finland. The marketing of virtual currencies in Finnish and Finland is only permitted for entities registered as virtual currency providers in Finland. “

Finland is a very economically free country, ranking 17th in the Index of economic freedom. However, as Sebastian Sonntag, CEO of LocalBitcoins, told Cointelegraph upon receiving the company’s FSA license in 2019:

“Controls in the financial sector are of a particularly high quality and the position of clients is well protected.

It appears that the FSA wants to protect investors, especially individuals, who are more likely to be influenced by marketing activities. If the 2020-2021 Bull Running Memes Madness is anything to go by, there will be more retail FOMOs across the world.

The FSA press release is a direct response to the increasing commercialization of digital currencies and associated services across Finland. Finnish media observed an increase in traffic for cryptocurrency items, while in a recent editorial By the general public Helsinki Times, the authors concluded that cryptography is all the rage in Finland and will retain its popularity for years to come.

Elsewhere in Finland, local adoption of crypto is brewing. Finnish esports company Elisa Esports has announced a partnership with cryptocurrency the company Coinmotion to strengthen the Nordic esport scene.

Related: Finnish Customs Don’t Know What To Do With € 15 Million Seized In Bitcoin

However, the list of Supervised entities operating in the cryptocurrency and digital currency space is still small. Fewer than 10 companies are registered, so the recent notice may be a nod to future regulation and the changing regulatory landscape.

Importantly, the FSA cannot advise Finnish clients who visit foreign websites. The recent initiative also does not affect advertising on international websites that do not explicitly target Finnish citizens.

As a result, as regulators tackle the local market, Finnish crypto advocates may continue to visit international crypto websites.


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